I'm on my fifth draft now for the first book of my main series. I've been adding, refining, fixing, and changing things in every pass, but I hope that draft five will be the one to leave as completed. Because I feel ready to leave it as I want to continue with book two soon.
For short stories, I usually do two to four drafts before I consider one somewhat done.
How do you edit your drafts? Do you change things in a draft or do you only fix small mistakes and make corrections? How many drafts do you usually do for a story before you consider them completed?